The legislative instrument confirms that the updated versions of the alternative tests should be used in determining whether an entity passes the original decline in turnover test for JobKeeper fortnights starting on or after 28 September 2020 as well as determining whether an entity passes the new additional decline in turnover tests to access the JobKeeper extension from 28 September onwards.
If an entity has already passed the original decline in turnover test for a JobKeeper fortnight before 28 September 2020 then there is no need to apply the original test again.
The updated alternative tests released by the Commissioner of Taxation are broadly similar to the alternative tests that were released in connection with the original decline in turnover test. However, there are some key differences.
These have just been released, so we are putting together a framework to apply the tests.
We're here to help you if you need support to apply the alternative tests. Just contact our office on 03 5911 7000 for assistance.
With the impact on businesses due natural disasters such as COVID-19 and the Australian bushfires, we see the knock-on effect on sales,
market presence, and businesses unsure on where they should be spending their limited resources.
It's a good time to share some industry knowledge about what marketing you should consider investing in when times are tough.
As part of a $1.7 billion economic survival package, the Victorian Government has announced $500 million to establish a Business Support Fund to assist small to medium businesses most impacted by the COVID-19 outbreak.
The Victorian Government has announced a range of tax measures to support businesses through Victoria's State of Emergency as part of a
broader economic survival package to support business and jobs in response to COVID-19.
We will regularly update this page with new questions and answers, so check back to stay up to date.
Not sure what support your bank is offering in the chaos? Check out this summary of the majors and their current plans.
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted
changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate
insolvency laws.
The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March 2020.
A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.
Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary and wages and the ongoing need
to pay employee superannuation. On top of that, from 1 March 2020, changes commence for annualised wage arrangements that will increase the
compliance burden on some businesses.
In the past week or so, we’ve seen share markets fall on the back of growing concerns about the spread of the coronavirus. At times of heightened market volatility, it’s easy to fear how your superannuation and other investments might be affected, but it’s important to understand the nature of market movements before making any sudden decisions.
With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position.
IT ALL ADDS UP – That's what the theme was for Xero Roadshow 2020. Hayley Brass was the Xero’s acting MC for today’s Xero Roadshow at Narre Warren. Hayley started the morning by remembering all the small businesses that were affected by the tragic bush fires and floods in early January. This was a great choice to star the morning.
If someone were to ask you what your business is worth, would you be able to reply with a realistic figure? Surprisingly, you wouldn’t be alone if you didn’t know the answer to this very important question.
Treat finding an accountant like speed dating. Life is busy, you need your accounts looked after and you don’t have time to wade through all the possible suitors.
Most businesses are based, either consciously or subconsciously, on the Greek philosopher Plato’s statement indicating that necessity is the mother of invention. You identify a need and then invent a product or process to fill that need.
Automate processes to save time
Look at current processes you could change to save you time or money. One way could be changing from manual systems to automatic ones to
free up time for more important tasks.
Conduct customer research to identify new ideas
Ask your customers about what new products or services they would like to see added to your range. Brainstorm ideas with your staff, along
with which new markets to target. This article has some advice on how you can unlock innovative ideas.
Create a video channel to increase your profile
If you want to get your goods or services out there in front of a worldwide audience, think about creating a YouTube channel for your
business. This is a great way to demonstrate products or share tips with your customers. For example, if you have a background in carpentry
and a small business that makes wooden furniture, display some of your products on YouTube to gain a following.
Growing your business means more cash for you now plus a higher sale price in the future when you decide to eventually sell your business.
Over the coming months, we plan to send out to you 4 articles full of ideas to help you grow your business.
New Year’s Eve is famous for the New Year’s Resolutions people make to better themselves in the coming year. The most common New
Year’s Resolution is eat healthy and exercise regularly .
But what about your business and your personal finances? Why not start off 2020 with a very achievable and measurable resolution that
will greatly impact not just yourself, but your family’s long-term security.
Ask experts what they rate as one of the top qualities of a successful small business, and they’ll no doubt answer agility. So, here are some top tips to help you remain agile, especially during growth periods.
From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.
The festive season is fast approaching and with it comes the temptation to eat, drink, and make merry, hopefully on the company’s dime. After all, you’ve worked hard and put in long hours to achieve your goals. It’s only right that you get to reward your clients as well as your staff and their families, maybe even yourself.
Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.
Do you understand what it takes to keep your online customers coming back for more? Whatever your answer, the following five strategies are designed to ensure you deliver a brand experience that surpasses your customers’ expectations and guarantees their loyalty.
Do you know how much your business is worth? Whether you’re thinking of selling or just plain curious, it’s interesting to note that owners are prone to overestimating the market value of their business.
At SMART Business Solutions our people are our business so holding onto our employees for the long term is critical to the success of our business. Recruiting and onboarding new employees is a costly and time-consuming process for any business which is why you ideally want to hold onto great staff when you find them.
Being your own boss can be rewarding, but it’s also incredibly challenging. That’s why it’s important to future-proof your hard work by taking steps today that will prepare your business for tomorrow
These are the 10 hats – aka departments – in EVERY business. These are as follows along with a brief description of the accompanying role:
This article follows on from last week’s blog which dealt with Key Performance Indicators – why they are vital and how to implement them, to in a sense, take the pulse of your organisation and so determine where adjustments must be made, and wins leveraged to ensure lasting results.
What gets measured gets managed. What does this quote mean to you? Have you ever worked tirelessly on a campaign without realising the desired result? And when it’s over, you’re still unsure regarding its impact on your profit margin? Or whether it was it worth your investment in terms of the time-frustration-stress input?
In the face of increasing competition, it can be tempting to think that the only way to maintain your organisation’s market share and win new customers is by lowering your prices. However, such a strategy is rarely effective in the long-term. Instead, it can end up undermining your business, so it’s wise to use it cautiously.
Contributing shares to your SMSF
What you need to know
Many investors have a personal share portfolio. When it
comes to your SMSF, did you know that you can contribute more than simply cash?
You are also able to contribute listed shares.
There is plenty of advice out there about why you should save for your future, but little that explains exactly how.
One of the problems when discussing wealth creation and retirement planning is that it usually involves words rather than numbers. People say they want to ‘build a retirement nest egg’ or ‘make sure I have enough to live comfortably’ or ‘pay for my kids to go through private school’, but rarely are accurate numbers attached to those wishes.
There has been a lot in the news lately regarding self-managed super funds (SMSF’s) from the Royal Commission into financial planning, and the banks tightening up on lending to SMSF’s some may wonder if it is all still worth it or a viable option. Yes absolutely! However, some of these changes are there to protect members of super funds because a SMSF may not be the most appropriate for everyone.
They say every great journey begins with a single step - and yours in just beginning. Here's how to get on the path to financial
freedom at the same time.
There may be several reasons why you’ve decided it’s time to change accountants. These could range from your accountant taking months to complete your accounts or not being a responsive communicator to the fact that your accountant is “old school” and doesn’t understand cloud accounting.
Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before
and after 30 June.
Some of these will help to minimise your tax. Others will reduce your exposure to an ATO tax audit. We have outlined these action points to
assist you.
The moral of the story - You can’t leave assets in your Will which are not legally owned by you. Did you know this? It comes as a surprise to many as people just assumed that their all of their assets will be distributed according to their wishes outlined in their will.
If your business is typical of most small to medium enterprises, approximately 60% of your total operating costs are earmarked for your workforce. So, how can you be sure you’re getting the best out of your team of super heroes and ROI for what is arguably your most substantial outlay?
To put it more directly: Are you getting the return you expected from your workforce spend?
We are seeing a lot of property development on the Mornington Peninsula whether it be sub-dividing and developing two new houses, or on a larger scale.
There's recently been a big tax law change that may reduce the tax deductions for many businesses across Australia.
Does the idea of taking your best-selling Aussie product or service global appeal? Introducing your offering to international markets can be rewarding, provided you venture forth fully prepared.
With the federal election done and dusted we've done a wrap up of how the Coalition win will affect you, either as a business or as an
individual.
Check it out.
Well the end of financial year is nearly here so what can you do prior to June 30 to keep more money in your pocket and not the tax man? Many proposals from budget night will also impact your future tax position. So take a read through and see which measures can potentially benefit your business
With only a few days til' the Federal Election on 18 May, there is a lot of wild speculation and 'fake news' in the media.
We're not trying to recommend who you should vote for. That's a deeply personal decision. Rather, we'd like to help explain how the outcome
of the Federal Election will impact you.
It sounds like the beginning of a bar room joke, but in all seriousness and despite their stereotyped images, there are fundamental differences between the three positions.
WARNING TIME
The
Australian Taxation Office (ATO) is closing in fast on everyone who doesn't
properly declare their income and pay the correct amount of tax.
As
your Tax Accountants, we want to help you be aware of what the ATO is doing and
how you can protect yourself.
Do not sell without first gaining professional advice
For the majority of small to medium sized business owners, the value of your business is your biggest asset, and very likely, your
retirement fund.
Upon sale of your business it is critical you receive the maximum available net proceeds. However, many taxpayers miss this once in a
lifetime chance through poor transactions planning and the holding of assets in inappropriate structures. Just because you consider yourself
a small business does not mean you have automatic access to all available CGT concessions.
While the rules are complex, if the correct planning is in place, a husband and wife team can receive up to $4 million tax free after the
sale of their business. (If you’ve run your business for at least 15 years, all the sale proceeds might be tax free!)
Are you thinking of acquiring, upgrading or replacing capital assets that will be used in running your business?
The Fringe Benefits Tax (FBT) year ended. With the ever increase budget deficits, the ATO will be reviewing whether all employers who
should be paying FBT are, and that they are paying the right amount.
To help you meet your fringe benefits obligations, we’ve put together a list of essentials every employer needs to know about FBT and review
every year, such as:
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
